CM COMMODITY INDEX FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2019 (unaudited)
| Principal Amount | Value | |||||||
| SHORT-TERM INVESTMENTS: 100.0% | ||||||||
| United States Treasury Obligations: 95.6% | ||||||||
| United States Treasury Bills | ||||||||
| $ | 23,000,000 | 0.01%, 05/02/19 (a) | $ | 22,952,996 | ||||
| 61,000,000 | 0.01%, 05/09/19 (a) | 60,847,489 | ||||||
| 60,000,000 | 0.01%, 05/16/19 | 59,822,625 | ||||||
| 60,000,000 | 0.01%, 05/30/19 (a) | 59,769,163 | ||||||
| 50,000,000 | 0.01%, 06/06/19 (a) | 49,784,125 | ||||||
| 55,000,000 | 0.01%, 06/13/19 (a) | 54,736,934 | ||||||
| 35,000,000 | 0.01%, 06/20/19 | 34,816,522 | ||||||
| 40,000,000 | 2.38%, 04/25/19 (a) | 39,936,667 | ||||||
| 60,000,000 | 2.39%, 04/18/19 | 59,932,425 | ||||||
| 50,000,000 | 2.39%, 05/23/19 (a) | 49,827,822 | ||||||
| 492,426,768 | ||||||||
| Number of Shares | ||||||||
| Money Market Fund: 4.4% | ||||||||
| 22,923,688 | AIM Treasury Portfolio - Institutional Class | 22,923,688 | ||||||
| Total Short-term Investments (Cost: $515,334,296) | 515,350,456 | |||||||
| Liabilities in excess of other assets: (0.0)% | (95,256 | ) | ||||||
| NET ASSETS: 100.0% | $ | 515,255,200 | ||||||
Total Return Swap Contracts – As of March 31, 2019.
Long Exposure
| Counterparty | Referenced Obligation | Notional Amount | Rate paid by the Fund (b) | Termination Date | % of Net Assets | Unrealized Depreciation | ||||||||||||
| UBS | UBS Bloomberg Constant Maturity Commodity Index Total Return | $ | 512,135,000 | 2.83% | 05/08/19 | (0.1 | )% | $ | (528,690 | ) | ||||||||
Footnotes:
| (a) | All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $83,728,432. |
| (b) | The rate shown reflects the rate in effect at the reporting period: 3 Month T-Bill rate + 0.40%. |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Government | 95.6 | % | $ | 492,426,768 | ||||
| Money Market Fund | 4.4 | 22,923,688 | ||||||
| 100.0 | % | $ | 515,350,456 | |||||
EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS
March 31, 2019 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 94.4% | ||||||||
| Argentina: 0.2% | ||||||||
| 610,739 | Grupo Supervielle SA (ADR) | $ | 3,713,293 | |||||
| Brazil: 4.6% | ||||||||
| 4,391,300 | Fleury SA | 22,879,824 | ||||||
| 7,320,400 | International Meal Co. Alimentacao SA | 12,134,138 | ||||||
| 11,320,700 | Movida Participacoes SA | 31,371,294 | ||||||
| 2,582,000 | Rumo SA * | 12,628,577 | ||||||
| 955,000 | Smiles Fidelidade SA | 11,634,592 | ||||||
| 90,648,425 | ||||||||
| China / Hong Kong: 35.6% | ||||||||
| 722,400 | Alibaba Group Holding Ltd. (ADR) * | 131,801,880 | ||||||
| 19,716,000 | A-Living Services Co. Ltd. Reg S 144A * # | 33,728,549 | ||||||
| 3,264,000 | Anta Sports Products Ltd. # | 22,250,662 | ||||||
| 1,119,000 | Baozun, Inc. (ADR) * | 46,483,260 | ||||||
| 49,427,000 | Beijing Enterprises Water Group Ltd. # | 30,576,398 | ||||||
| 8,365,994 | China Animal Healthcare Ltd. * # ∞ | 0 | ||||||
| 4,835,000 | China Education Group Holdings Ltd. Reg S # | 7,377,854 | ||||||
| 20,898,000 | China Maple Leaf Educational Systems Ltd. # | 10,094,094 | ||||||
| 15,580,000 | China ZhengTong Auto Services Holdings Ltd. # | 8,683,613 | ||||||
| 37,275,000 | Fu Shou Yuan International Group Ltd. # | 34,257,059 | ||||||
| 6,555,000 | Galaxy Entertainment Group Ltd. # | 44,672,415 | ||||||
| 597,000 | Huazhu Group Ltd. (ADR) | 25,157,580 | ||||||
| 334,796 | Kweichow Moutai Co. Ltd. # | 42,462,477 | ||||||
| 9,791,000 | Ping An Insurance Group Co. of China Ltd. # | 110,229,175 | ||||||
| 1,067,000 | Shenzhou International Group Holdings Ltd. # | 14,335,370 | ||||||
| 117,000 | Silergy Corp. # | 1,752,598 | ||||||
| 2,507,500 | Tencent Holdings Ltd. # | 115,314,368 | ||||||
| 5,583,000 | Yihai International Holding Ltd. # | 24,872,192 | ||||||
| 704,049,544 | ||||||||
| Egypt: 1.7% | ||||||||
| 5,435,312 | Commercial International Bank Egypt SAE # | 21,517,937 | ||||||
| 14,870,278 | Juhayna Food Industries # | 11,372,576 | ||||||
| 2,941,849 | Sarwa Capital SAE * | 1,072,850 | ||||||
| 33,963,363 | ||||||||
| Georgia: 1.6% | ||||||||
| 890,197 | Bank of Georgia Group Plc (GBP) # | 19,183,218 | ||||||
| 815,197 | Georgia Capital Plc (GBP) * | 11,573,108 | ||||||
| 30,756,326 | ||||||||
| Germany: 0.9% | ||||||||
| 480,000 | Delivery Hero SE Reg S 144A * | 17,337,772 | ||||||
| Hungary: 0.5% | ||||||||
| 247,000 | OTP Bank Nyrt # | 10,889,202 | ||||||
| India: 10.3% | ||||||||
| 1,149,000 | Cholamandalam Investment and Finance Co. Ltd. # | 24,055,513 | ||||||
| 2,555,700 | GRUH Finance Ltd. # | 10,181,353 | ||||||
| 1,442,000 | HDFC Bank Ltd. # | 48,324,319 | ||||||
| 458,000 | HDFC Bank Ltd. (ADR) | 53,086,780 | ||||||
| 1,973,200 | Phoenix Mills Ltd. # | 18,737,543 | ||||||
| 970,000 | Quess Corp. Ltd. Reg S 144A * # | 10,389,839 | ||||||
| 800,000 | Reliance Industries Ltd. # | 15,741,924 | ||||||
| 1,404,000 | Titan Co. Ltd. # | 23,212,001 | ||||||
| 203,729,272 | ||||||||
| Indonesia: 2.6% | ||||||||
| 120,675,000 | Bank Rakyat Indonesia Tbk PT # | 35,039,215 | ||||||
| 110,900,000 | Bank Tabungan Pensiunan Nasional Syariah Tbk PT * # | 17,212,666 | ||||||
| 52,251,881 | ||||||||
| Kenya: 0.9% | ||||||||
| 62,420,000 | Safaricom Plc | 17,091,190 | ||||||
| Kuwait: 0.8% | ||||||||
| 1,481,090 | Human Soft Holding Co. KSC | 15,692,443 | ||||||
| Malaysia: 1.3% | ||||||||
| 14,177,000 | Malaysia Airports Holdings Bhd # | 25,182,547 | ||||||
| Mexico: 2.8% | ||||||||
| 6,782,247 | Qualitas Controladora SAB de CV | 16,681,108 | ||||||
| 4,190,000 | Regional SAB de CV | 21,105,153 | ||||||
| 8,049,000 | Unifin Financiera SAB de CV SOFOM ENR | 17,345,973 | ||||||
| 55,132,234 | ||||||||
| Peru: 0.3% | ||||||||
| 21,000 | Credicorp Ltd. (USD) | 5,038,950 | ||||||
| Philippines: 5.4% | ||||||||
| 48,122,700 | Ayala Land, Inc. # | 41,177,373 | ||||||
| 150,700,000 | Bloomberry Resorts Corp. # | 34,445,147 | ||||||
| 12,263,740 | International Container Terminal Services, Inc. | 30,525,058 | ||||||
| 106,147,578 | ||||||||
| Poland: 0.5% | ||||||||
| 249,542 | Kruk SA # | 9,920,576 | ||||||
| Russia: 3.0% | ||||||||
| 220,000 | Sberbank of Russia (ADR) | 2,899,600 | ||||||
| 2,191,000 | Sberbank of Russia PJSC (ADR) # | 29,086,824 | ||||||
| 782,000 | Yandex NV (USD) * | 26,853,880 | ||||||
| 58,840,304 | ||||||||
| South Africa: 6.6% | ||||||||
| 8,386,708 | Advtech Ltd. # | 7,119,223 | ||||||
| 427,727 | Naspers Ltd. # | 99,678,189 | ||||||
| 19,654,810 | Transaction Capital Ltd. | 24,247,119 | ||||||
| 131,044,531 | ||||||||
| South Korea: 2.3% | ||||||||
| 121,000 | Koh Young Technology, Inc. # | 9,130,107 | ||||||
| 16,900 | Samsung Biologics Co. Ltd. Reg S 144A * # | 4,770,327 | ||||||
| 172,185 | Samsung SDI Co. Ltd. # | 32,630,328 | ||||||
| 46,530,762 | ||||||||
| Spain: 2.1% | ||||||||
| 1,568,367 | CIE Automotive SA # | 42,229,618 | ||||||
| Switzerland: 0.6% | ||||||||
| 305,000 | Wizz Air Holdings Plc Reg S 144A (GBP) * # | 11,968,044 | ||||||
| Taiwan: 2.9% | ||||||||
| 4,159,000 | Chroma ATE, Inc. # | 19,848,135 | ||||||
| 525,960 | Gourmet Master Co. Ltd. # | 3,505,446 | ||||||
| 2,053,132 | Poya International Co. Ltd. # | 24,301,682 | ||||||
| 1,973,000 | TaiMed Biologics, Inc. * # | 10,775,653 | ||||||
| 58,430,916 | ||||||||
| Thailand: 2.3% | ||||||||
| 8,958,000 | CP ALL PCL # | 21,108,902 | ||||||
| 14,587,433 | Srisawad Corp. PCL (NVDR) # | 24,432,519 | ||||||
| 316,667 | Srisawad Corp. PCL - Foreign # | 530,387 | ||||||
| 46,071,808 | ||||||||
| Turkey: 2.7% | ||||||||
| 3,102,147 | AvivaSA Emeklilik ve Hayat AS | 5,341,335 | ||||||
| 8,000,392 | MLP Saglik Hizmetleri AS Reg S 144A * # | 18,160,581 | ||||||
| 9,857,140 | Sok Marketler Ticaret AS * # | 16,036,102 | ||||||
| 4,794,000 | Tofas Turk Otomobil Fabrikasi AS # | 14,758,647 | ||||||
| 54,296,665 | ||||||||
| United Arab Emirates: 1.0% | ||||||||
| 685,000 | NMC Health Plc (GBP) # | 20,417,611 | ||||||
| United Kingdom: 0.0% | ||||||||
| 812,346 | Hirco Plc * # ∞ | 0 | ||||||
| United States: 0.6% | ||||||||
| 759,000 | Laureate Education, Inc. * | 11,362,230 | ||||||
| Uruguay: 0.3% | ||||||||
| 2,480,797 | Biotoscana Investments SA (BDR) * | 5,347,651 | ||||||
| Total Common Stocks (Cost: $1,584,488,486) | 1,868,084,736 | |||||||
| PREFERRED STOCKS: 3.7% | ||||||||
| Brazil: 1.5% | ||||||||
| 3,378,890 | Itau Unibanco Holding SA, 4.18% | 29,712,588 | ||||||
| South Korea: 2.2% | ||||||||
| 1,332,800 | Samsung Electronics Co. Ltd., 2.93% # | 42,676,487 | ||||||
| Total Preferred Stocks (Cost: $51,141,265) | 72,389,075 | |||||||
| MONEY MARKET FUND: 1.8% (Cost: $36,256,090) | ||||||||
| 36,256,090 | AIM Treasury Portfolio - Institutional Class | 36,256,090 | ||||||
| Total Investments: 99.9% (Cost: $1,671,885,841) | 1,976,729,901 | |||||||
| Other assets less liabilities: 0.1% | 1,923,465 | |||||||
| NET ASSETS: 100.0% | $ | 1,978,653,366 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| BDR | Brazilian Depositary Receipt |
| GBP | British Pound |
| NVDR | Non-Voting Depositary Receipt |
| USD | United States Dollar |
Footnotes:
| * | Non-income producing |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,330,354,585 which represents 67.2% of net assets. |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $96,355,112, or 4.9% of net assets. |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Communication Services | 8.6 | % | $ | 170,894,030 | ||||
| Consumer Discretionary | 32.9 | 650,890,323 | ||||||
| Consumer Staples | 5.9 | 115,852,249 | ||||||
| Energy | 0.8 | 15,741,924 | ||||||
| Financials | 27.9 | 552,420,761 | ||||||
| Health Care | 4.2 | 82,351,647 | ||||||
| Industrials | 7.9 | 155,793,908 | ||||||
| Information Technology | 5.4 | 106,037,655 | ||||||
| Money Market Fund | 1.8 | 36,256,090 | ||||||
| Real Estate | 3.0 | 59,914,916 | ||||||
| Utilities | 1.6 | 30,576,398 | ||||||
| 100.0 | % | $ | 1,976,729,901 | |||||
GLOBAL HARD ASSETS FUND
SCHEDULE OF INVESTMENTS
March 31, 2019 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 97.3% | ||||||||
| Bermuda: 2.0% | ||||||||
| 1,255,000 | Golar LNG Ltd. (USD) | $ | 26,467,950 | |||||
| Canada: 25.1% | ||||||||
| 877,606 | Agnico-Eagle Mines Ltd. (USD) | 38,175,861 | ||||||
| 4,100,845 | Barrick Gold Corp. (USD) | 56,222,585 | ||||||
| 5,594,088 | Encana Corp. (USD) | 40,501,197 | ||||||
| 5,071,000 | First Quantum Minerals Ltd. | 57,489,168 | ||||||
| 703,500 | Goldcorp, Inc. (USD) | 8,048,040 | ||||||
| 1,993,600 | IAMGOLD Corp. (USD) * | 6,917,792 | ||||||
| 4,234,300 | Kinross Gold Corp. (USD) * | 14,565,992 | ||||||
| 944,871 | Nutrien Ltd. (USD) | 49,851,394 | ||||||
| 2,929,700 | Teck Resources Ltd. (USD) | 67,910,446 | ||||||
| 339,682,475 | ||||||||
| Israel: 1.3% | ||||||||
| 476,900 | SolarEdge Technologies, Inc. (USD) * | 17,969,592 | ||||||
| Switzerland: 5.0% | ||||||||
| 15,396,825 | Glencore Plc (GBP) * # | 63,806,851 | ||||||
| 6,123,900 | Weatherford International Plc (USD) * | 4,274,482 | ||||||
| 68,081,333 | ||||||||
| United Kingdom: 6.2% | ||||||||
| 794,200 | Anglo American Plc # | 21,241,963 | ||||||
| 1,636,700 | KAZ Minerals Plc # | 13,931,912 | ||||||
| 830,700 | Rio Tinto Plc (ADR) | 48,886,695 | ||||||
| 84,060,570 | ||||||||
| United States: 57.7% | ||||||||
| 503,100 | Anadarko Petroleum Corp. | 22,880,988 | ||||||
| 223,700 | Bunge Ltd. | 11,871,759 | ||||||
| 513,300 | Cabot Oil & Gas Corp. | 13,397,130 | ||||||
| 1,083,900 | CF Industries Holdings, Inc. | 44,309,832 | ||||||
| 84,900 | Chart Industries, Inc. * | 7,685,148 | ||||||
| 450,500 | Cimarex Energy Co. | 31,489,950 | ||||||
| 2,084,300 | CNX Resources Corp. * | 22,447,911 | ||||||
| 524,682 | Concho Resources, Inc. | 58,218,715 | ||||||
| 666,468 | Diamondback Energy, Inc. | 67,666,496 | ||||||
| 250,100 | DowDuPont, Inc. | 13,332,831 | ||||||
| 399,300 | EOG Resources, Inc. | 38,005,374 | ||||||
| 468,000 | Green Plains Renewable Energy, Inc. | 7,806,240 | ||||||
| 234,800 | Halliburton Co. | 6,879,640 | ||||||
| 889,691 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 22,811,677 | ||||||
| 308,600 | Kirby Corp. * | 23,178,946 | ||||||
| 566,100 | Louisiana-Pacific Corp. | 13,801,518 | ||||||
| 1,121,800 | Nabors Industries Ltd. | 3,858,992 | ||||||
| 1,048,700 | Newmont Mining Corp. | 37,511,999 | ||||||
| 128,700 | Ormat Technologies, Inc. | 7,097,805 | ||||||
| 2,294,800 | Parsley Energy, Inc. * | 44,289,640 | ||||||
| 1,102,800 | Patterson-UTI Energy, Inc. | 15,461,256 | ||||||
| 277,800 | PBF Energy, Inc. | 8,650,692 | ||||||
| 713,700 | PDC Energy, Inc. * | 29,033,316 | ||||||
| 394,900 | Pioneer Natural Resources Co. | 60,135,372 | ||||||
| 1,720,000 | ProPetro Holding Corp. * | 38,768,800 | ||||||
| 157,100 | Schlumberger Ltd. | 6,844,847 | ||||||
| 732,800 | Steel Dynamics, Inc. | 25,845,856 | ||||||
| 1,335,400 | Sunrun, Inc. * | 18,775,724 | ||||||
| 1,325,100 | Transocean Ltd. * | 11,541,621 | ||||||
| 440,300 | Tyson Foods, Inc. | 30,570,029 | ||||||
| 604,200 | Viper Energy Partners LP | 20,035,272 | ||||||
| 1,320,700 | WPX Energy, Inc. * | 17,314,377 | ||||||
| 781,519,753 | ||||||||
| Total Common Stocks (Cost: $1,086,897,509) | 1,317,781,673 | |||||||
| MONEY MARKET FUND: 0.4% (Cost: $5,498,929) | ||||||||
| 5,498,929 | AIM Treasury Portfolio - Institutional Class | 5,498,929 | ||||||
| Total Investments: 97.7% (Cost: $1,092,396,438) | 1,323,280,602 | |||||||
| Other assets less liabilities: 2.3% | 30,666,028 | |||||||
| NET ASSETS: 100.0% | $ | 1,353,946,630 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| GBP | British Pound |
| USD | United States Dollar |
Footnotes:
| * | Non-income producing |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $98,980,726 which represents 7.3% of net assets. |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Consumer Staples | 3.2 | % | $ | 42,441,788 | ||||
| Energy | 45.0 | 595,970,258 | ||||||
| Industrials | 3.8 | 49,639,818 | ||||||
| Information Technology | 1.4 | 17,969,592 | ||||||
| Materials | 44.0 | 581,850,735 | ||||||
| Money Market Fund | 0.4 | 5,498,929 | ||||||
| Real Estate | 1.7 | 22,811,677 | ||||||
| Utilities | 0.5 | 7,097,805 | ||||||
| 100.0 | % | $ | 1,323,280,602 | |||||
INTERNATIONAL INVESTORS GOLD FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2019 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.2% | ||||||||
| Australia: 19.7% | ||||||||
| 13,565,343 | Bellevue Gold Ltd. * # | $ | 5,310,227 | |||||
| 19,376,020 | Cardinal Resources Ltd. ‡ * | 4,677,699 | ||||||
| 13,546,587 | Evolution Mining Ltd. # | 35,205,859 | ||||||
| 27,575,005 | Gold Road Resources Ltd. * # | 18,995,840 | ||||||
| 350,725 | Newcrest Mining Ltd. # | 6,351,636 | ||||||
| 3,131,000 | Northern Star Resources Ltd. # | 19,891,563 | ||||||
| 3,751,057 | OceanaGold Corp. (CAD) | 11,789,157 | ||||||
| 4,293,000 | SolGold Plc (GBP) * | 2,105,168 | ||||||
| 40,818,400 | West African Resources Ltd. * # | 9,284,503 | ||||||
| 113,611,652 | ||||||||
| Canada: 68.4% | ||||||||
| 640,900 | Agnico-Eagle Mines Ltd. (USD) | 27,879,150 | ||||||
| 2,390,714 | Alamos Gold, Inc. (USD) | 12,144,827 | ||||||
| 911,500 | Allegiant Gold Ltd. * | 143,237 | ||||||
| 1,503,000 | Allegiant Gold Ltd. * # ø | 236,188 | ||||||
| 1,188,100 | Auryn Resources, Inc. * | 1,751,455 | ||||||
| 14,803,836 | B2Gold Corp. (USD) * | 41,598,779 | ||||||
| 2,930,600 | Barrick Gold Corp. (USD) | 40,178,526 | ||||||
| 1,739,000 | Bear Creek Mining Corp. * | 1,873,880 | ||||||
| 948,000 | Bear Creek Mining Corp. (USD) * ø | 1,002,984 | ||||||
| 667,000 | Bear Creek Mining Corp. (USD) * | 705,686 | ||||||
| 2,951,430 | Bonterra Resources, Inc. * | 4,196,294 | ||||||
| 5,393,000 | Columbus Gold Corp. * | 827,302 | ||||||
| 6,683,640 | Continental Gold, Inc. * | 14,454,087 | ||||||
| 6,531,230 | Corvus Gold, Inc. ‡ * | 10,214,593 | ||||||
| 3,262,000 | Eastmain Resources, Inc. * | 341,737 | ||||||
| 481,000 | Eastmain Resources, Inc. (USD) * # | 51,323 | ||||||
| 1,839,000 | Eastmain Resources, Inc. (USD) * # ø | 196,221 | ||||||
| 2,930,627 | First Mining Gold Corp. * | 756,588 | ||||||
| 2,363,444 | Gold Standard Ventures Corp. (USD) * | 2,410,713 | ||||||
| 1,003,283 | Goldcorp, Inc. (USD) | 11,477,558 | ||||||
| 961,000 | Golden Star Resources Ltd. (USD) * | 3,815,170 | ||||||
| 3,242,000 | IAMGOLD Corp. (USD) * | 11,249,740 | ||||||
| 3,822,000 | Kinross Gold Corp. (USD) * | 13,147,680 | ||||||
| 2,070,684 | Kirkland Lake Gold Ltd. (USD) | 62,969,500 | ||||||
| 4,086,629 | Leagold Mining Corp. * | 5,749,139 | ||||||
| 17,978,782 | Liberty Gold Corp. ‡ * | 4,708,777 | ||||||
| 718,000 | Lundin Gold, Inc. * | 2,767,015 | ||||||
| 2,526,000 | Midas Gold Corp. * | 1,587,788 | ||||||
| 3,079,000 | Nighthawk Gold Corp. * | 771,852 | ||||||
| 8,653,375 | Orezone Gold Corp. * | 3,302,444 | ||||||
| 3,375,000 | Orezone Gold Corp. * # | 1,288,023 | ||||||
| 396,000 | Osisko Gold Royalties Ltd. (USD) | 4,451,040 | ||||||
| 4,927,400 | Osisko Mining, Inc. * | 10,766,646 | ||||||
| 3,601,100 | Otis Gold Corp. * | 255,999 | ||||||
| 2,109,500 | Premier Gold Mines Ltd. * | 2,462,543 | ||||||
| 929,000 | Pretium Resources, Inc. (USD) * | 7,952,240 | ||||||
| 3,523,500 | Probe Metals, Inc. * | 2,583,926 | ||||||
| 8,935,000 | Pure Gold Mining, Inc. * | 3,744,229 | ||||||
| 8,665,756 | Rio2 Ltd. ‡ * | 2,853,244 | ||||||
| 8,417,000 | Sabina Gold and Silver Corp. * | 7,904,617 | ||||||
| 4,778,907 | Semafo, Inc. * | 13,267,291 | ||||||
| 780,000 | SSR Mining, Inc. (USD) * | 9,874,800 | ||||||
| 1,153,000 | TMAC Resources, Inc. Reg S * | 3,753,171 | ||||||
| 1,196,986 | Wheaton Precious Metals Corp. (USD) | 28,512,207 | ||||||
| 4,592,109 | Yamana Gold, Inc. (USD) | 11,985,404 | ||||||
| 394,165,613 | ||||||||
| Mexico: 1.8% | ||||||||
| 903,451 | Fresnillo Plc (GBP) # | 10,238,716 | ||||||
| Monaco: 0.6% | ||||||||
| 213,079 | Endeavour Mining Corp. (CAD) * | 3,198,537 | ||||||
| South Africa: 0.2% | ||||||||
| 361,000 | Gold Fields Ltd. (ADR) | 1,346,530 | ||||||
| United States: 8.5% | ||||||||
| 1,565,875 | Argonaut Gold, Inc. (CAD) * | 2,202,900 | ||||||
| 2,160,000 | Argonaut Gold, Inc. (CAD) * ø | 3,038,725 | ||||||
| 997,900 | Newmont Mining Corp. | 35,694,883 | ||||||
| 87,100 | Royal Gold, Inc. | 7,920,003 | ||||||
| 48,856,511 | ||||||||
| Total Common Stocks (Cost: $379,857,417) | 571,417,559 | |||||||
| WARRANTS: 0.1% | ||||||||
| Canada: 0.1% | ||||||||
| 2,072,000 | Alio Gold, Inc. Warrants (CAD 3.44, expiring 01/22/20) * # | 0 | ||||||
| 1,503,000 | Allegiant Gold Ltd. Warrants (CAD 1.20, expiring 01/30/20) * # ø | 0 | ||||||
| 2,872,000 | Bonterra Resources, Inc. Warrants (CAD 5.60, expiring 12/28/19) * # | 3,224 | ||||||
| 938,434 | Leagold Mining Corp. Warrants (CAD 3.70, expiring 05/24/20) * # | 36,867 | ||||||
| 10,822,000 | Liberty Gold Corp. Warrants (CAD 0.60, expiring 10/02/21) ‡ * # | 364,418 | ||||||
| 1,975,000 | Probe Metals, Inc. Warrants (CAD 1.45, expiring 06/19/20) * # | 133,012 | ||||||
| 5,058,500 | Pure Gold Mining, Inc. Warrants (CAD 0.85, expiring 05/24/20) * # | 198,729 | ||||||
| Total Warrants (Cost: $1,324,450) | 736,250 | |||||||
| MONEY MARKET FUND: 0.5% (Cost: $2,761,509) | ||||||||
| 2,761,509 | AIM Treasury Portfolio - Institutional Class | 2,761,509 | ||||||
| Total Investments: 99.8% (Cost: $383,943,376) | 574,915,318 | |||||||
| Other assets less liabilities: 0.2% | 1,129,333 | |||||||
| NET ASSETS: 100.0% | $ | 576,044,651 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| GBP | British Pound |
| USD | United States Dollar |
Footnotes:
| ‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
| * | Non-income producing |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $107,786,349 which represents 18.7% of net assets. |
| ø | Restricted Security - the aggregate value of restricted securities is $4,474,118, or 0.8% of net assets. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
Restricted securities held by the Fund as of March 31, 2019 are as follows:
| Security | Acquisition Date |
Number of Shares | Acquisition Cost | Value | % of Net Assets | |||||||||||||||
| Allegiant Gold Ltd. | 11/20/2017 | 1,503,000 | $ | 711,395 | $ | 236,188 | 0.1 | % | ||||||||||||
| Allegiant Gold Ltd. Warrants | 11/20/2017 | 1,503,000 | — | 0 | 0.0 | |||||||||||||||
| Argonaut Gold, Inc. | 11/13/2009 | 2,160,000 | 10,383,442 | 3,038,725 | 0.5 | |||||||||||||||
| Bear Creek Mining Corp. | 08/15/2005 | 948,000 | 2,865,287 | 1,002,984 | 0.2 | |||||||||||||||
| Eastmain Resources, Inc. | 06/13/2008 | 1,839,000 | 2,503,501 | 196,221 | 0.0 | |||||||||||||||
| $ | 16,463,625 | $ | 4,474,118 | 0.8 | % | |||||||||||||||
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Diversified Metals & Mining | 1.8 | % | $ | 10,245,353 | ||||
| Gold | 88.5 | 508,808,337 | ||||||
| Silver | 4.9 | 28,512,207 | ||||||
| Precious Metals & Minerals | 4.3 | 24,587,912 | ||||||
| Money Market Fund | 0.5 | 2,761,509 | ||||||
| 100.0 | % | $ | 574,915,318 | |||||
A summary of the Fund’s transactions in securities of affiliates for the period ended March 31, 2019 is set forth below:
| Affiliates | Value 12/31/18 | Purchases | Sales Proceeds | Realized Gain (Loss) | Dividend Income | Net Change in Unrealized Appreciation (Depreciation) | Value 03/31/19 | |||||||||||||||||||||
| Bonterra Resources, Inc. | $ | 4,717,720 | $ | 2,070,870 | $ | (619,830) | $ | (660,553) | $ | — | $ | (1,311,913) | $ | — | (a) | |||||||||||||
| Cardinal Resources Ltd. | 6,016,746 | — | (133,883) | (86,269) | — | (1,118,895) | 4,677,699 | |||||||||||||||||||||
| Corvus Gold, Inc. | 13,494,316 | — | (827,695) | 109,115 | — | (2,561,143) | 10,214,593 | |||||||||||||||||||||
| Liberty Gold Corp. | 4,661,299 | — | (726,883) | (559,776) | — | 1,334,137 | 4,708,777 | |||||||||||||||||||||
| Liberty Gold Corp. Warrants | 297,264 | — | — | — | — | 67,154 | 364,418 | |||||||||||||||||||||
| Rio2 Ltd. | 3,335,689 | — | (305,615) | (652,020) | — | 475,190 | 2,853,244 | |||||||||||||||||||||
| $ | 32,523,034 | $ | 2,070,870 | $ | (2,613,906) | $ | (1,849,503) | $ | — | $ | (3,115,470) | $ | 22,818,731 | |||||||||||||||
(a) Security held by the Fund, however not classified as an affiliate at the end of the reporting period.
VANECK MORNINGSTAR WIDE MOAT FUND
SCHEDULE OF INVESTMENTS
March 31, 2019 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.8% | ||||||||
| Banks: 2.3% | ||||||||
| 3,221 | Wells Fargo & Co. | $ | 155,639 | |||||
| Capital Goods: 7.5% | ||||||||
| 1,209 | Caterpillar, Inc. | 163,807 | ||||||
| 2,460 | Emerson Electric Co. | 168,436 | ||||||
| 492 | General Dynamics Corp. | 83,286 | ||||||
| 672 | United Technologies Corp. | 86,614 | ||||||
| 502,143 | ||||||||
| Commercial & Professional Services: 1.4% | ||||||||
| 785 | Equifax, Inc. | 93,023 | ||||||
| Consumer Durables & Apparel: 1.3% | ||||||||
| 992 | Polaris Industries, Inc. | 83,755 | ||||||
| Consumer Services: 2.6% | ||||||||
| 450 | McDonald’s Corp. | 85,455 | ||||||
| 1,162 | Starbucks Corp. | 86,383 | ||||||
| 171,838 | ||||||||
| Diversified Financials: 9.6% | ||||||||
| 384 | BlackRock, Inc. | 164,110 | ||||||
| 2,360 | State Street Corp. | 155,312 | ||||||
| 1,660 | T Rowe Price Group, Inc. | 166,199 | ||||||
| 3,650 | The Charles Schwab Corp. | 156,074 | ||||||
| 641,695 | ||||||||
| Food, Beverage & Tobacco: 14.0% | ||||||||
| 4,252 | Campbell Soup Co. | 162,129 | ||||||
| 3,581 | General Mills, Inc. | 185,317 | ||||||
| 733 | Hershey Co. | 84,170 | ||||||
| 2,743 | Kellogg Co. | 157,393 | ||||||
| 3,489 | Mondelez International, Inc. | 174,171 | ||||||
| 2,014 | Philip Morris International, Inc. | 178,017 | ||||||
| 941,197 | ||||||||
| Health Care Equipment & Services: 12.3% | ||||||||
| 2,095 | AmerisourceBergen Corp. | 166,594 | ||||||
| 3,351 | Cardinal Health, Inc. | 161,351 | ||||||
| 1,398 | McKesson Corp. | 163,650 | ||||||
| 1,697 | Medtronic Plc | 154,563 | ||||||
| 1,385 | Zimmer Biomet Holdings, Inc. | 176,864 | ||||||
| 823,022 | ||||||||
| Materials: 2.7% | ||||||||
| 3,382 | Compass Minerals International, Inc. | 183,879 | ||||||
| Media & Entertainment: 8.6% | ||||||||
| 4,233 | Comcast Corp. | 169,235 | ||||||
| 1,039 | Facebook, Inc. * | 173,191 | ||||||
| 1,855 | John Wiley & Sons, Inc. | 82,028 | ||||||
| 1,390 | The Walt Disney Co. | 154,332 | ||||||
| 578,786 | ||||||||
| Pharmaceuticals, Biotechnology: 9.0% | ||||||||
| 1,147 | Allergan Plc | 167,932 | ||||||
| 518 | Biogen, Inc. * | 122,445 | ||||||
| 1,451 | Bristol-Myers Squibb Co. | 69,227 | ||||||
| 2,463 | Gilead Sciences, Inc. | 160,120 | ||||||
| 1,957 | Pfizer, Inc. | 83,114 | ||||||
| 602,838 | ||||||||
| Real Estate: 2.5% | ||||||||
| 1,098 | Jones Lang LaSalle, Inc. | 169,290 | ||||||
| Retailing: 2.7% | ||||||||
| 101 | Amazon.com, Inc. * | 179,856 | ||||||
| Semiconductor: 10.5% | ||||||||
| 4,549 | Applied Materials, Inc. | 180,413 | ||||||
| 3,153 | Intel Corp. | 169,316 | ||||||
| 1,550 | KLA-Tencor Corp. | 185,085 | ||||||
| 2,002 | Microchip Technology, Inc. | 166,086 | ||||||
| 700,900 | ||||||||
| Software & Services: 10.5% | ||||||||
| 1,218 | Blackbaud, Inc. | 97,111 | ||||||
| 1,905 | Guidewire Software, Inc. * | 185,090 | ||||||
| 733 | Microsoft Corp. | 86,450 | ||||||
| 1,101 | Salesforce.com, Inc. * | 174,365 | ||||||
| 8,721 | The Western Union Co. | 161,077 | ||||||
| 704,093 | ||||||||
| Utilities: 2.3% | ||||||||
| 2,024 | Dominion Energy, Inc. | 155,160 | ||||||
| Total Common Stocks (Cost: $6,314,478) | 6,687,114 | |||||||
| MONEY MARKET FUND: 0.4% (Cost: $25,871) | ||||||||
| 25,871 | AIM Treasury Portfolio - Institutional Class | 25,871 | ||||||
| Total Investments: 100.2% (Cost: $6,340,349) | 6,712,985 | |||||||
| Liabilities in excess of other assets: (0.2)% | (13,525 | ) | ||||||
| NET ASSETS: 100.0% | $ | 6,699,460 | ||||||
Footnotes:
| * | Non-income producing |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Communication Services | 8.6 | % | $ | 578,786 | ||||
| Consumer Discretionary | 6.5 | 435,449 | ||||||
| Consumer Staples | 14.0 | 941,197 | ||||||
| Financials | 11.9 | 797,334 | ||||||
| Health Care | 21.3 | 1,425,860 | ||||||
| Industrials | 8.9 | 595,166 | ||||||
| Information Technology | 20.9 | 1,404,993 | ||||||
| Materials | 2.7 | 183,879 | ||||||
| Real Estate | 2.5 | 169,290 | ||||||
| Utilities | 2.3 | 155,160 | ||||||
| Money Market Fund | 0.4 | 25,871 | ||||||
| 100.0 | % | $ | 6,712,985 | |||||
VANECK NDR MANAGED ALLOCATION FUND
SCHEDULE OF INVESTMENTS
March 31, 2019 (unaudited)
| Number of Shares | Value | |||||||
| EXCHANGE TRADED FUNDS: 99.3% (a) | ||||||||
| 75,678 | iShares Barclays Aggregate Bond Fund | $ | 8,254,199 | |||||
| 25,160 | iShares MSCI Canada ETF | 695,422 | ||||||
| 48,953 | iShares MSCI Eurozone ETF | 1,889,586 | ||||||
| 12,849 | iShares MSCI Japan ETF | 703,097 | ||||||
| 25,261 | iShares MSCI Pacific ex Japan ETF | 1,159,480 | ||||||
| 7,293 | iShares MSCI South Korea Capped ETF | 444,508 | ||||||
| 12,938 | iShares MSCI Switzerland Capped ETF | 457,617 | ||||||
| 15,440 | iShares MSCI United Kingdom ETF | 509,674 | ||||||
| 42,785 | iShares Russell 1000 Growth Index Fund | 6,475,938 | ||||||
| 43,926 | iShares Russell 1000 Value ETF | 5,424,422 | ||||||
| 7,849 | iShares Russell 2000 Growth ETF | 1,543,584 | ||||||
| 10,913 | iShares Russell 2000 Value ETF | 1,308,469 | ||||||
| 7,630 | JPMorgan BetaBuilders Japan ETF | 173,354 | ||||||
| 69,127 | Vanguard FTSE Emerging Markets ETF | 2,937,898 | ||||||
| 101,722 | Vanguard Total Bond Market ETF | 8,257,792 | ||||||
Total Exchange Traded
Funds | 40,235,040 | |||||||
| MONEY MARKET FUND: 0.4% (a) (Cost: $179,996) | ||||||||
| 179,996 | AIM Treasury Portfolio - Institutional Class | 179,996 | ||||||
Total Investments: 99.7% | 40,415,036 | |||||||
| Other assets less liabilities: 0.3% | 108,809 | |||||||
| NET ASSETS: 100.0% | $ | 40,523,845 | ||||||
Footnotes:
| (a) | Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website, at https://www.sec.gov/. |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Exchange Traded Funds | 99.6 | % | $ | 40,235,040 | ||||
| Money Market Fund | 0.4 | 179,996 | ||||||
| 100.0 | % | $ | 40,415,036 | |||||
UNCONSTRAINED EMERGING MARKETS BOND FUND
SCHEDULE OF INVESTMENTS
March 31, 2019 (unaudited)
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 27.4% | ||||||||
| Cayman Islands: 2.6% | ||||||||
| Fantasia Holdings Group Co. Ltd. Reg S | ||||||||
| USD | 130,000 | 7.38%, 10/04/19 (c) | $ | 117,605 | ||||
| 135,000 | 8.38%, 03/08/21 | 127,385 | ||||||
| 220,000 | NagaCorp. Ltd. 144A 9.38%, 05/21/20 (c) | 231,560 | ||||||
| 476,550 | ||||||||
| Chile: 0.6% | ||||||||
| 112,000 | Codelco, Inc. 144A 4.38%, 08/05/48 (c) | 113,854 | ||||||
| China / Hong Kong: 1.1% | ||||||||
| 200,000 | Agile Group Holdings Ltd. Reg S 6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 03/07/23 (c) | 196,449 | ||||||
| Indonesia: 1.6% | ||||||||
| 255,000 | Bukit Makmur Mandiri Utama PT Reg S 7.75%, 02/13/20 (c) | 267,748 | ||||||
| 60,829 | Bumi Resources Tbk PT 0.00%, 12/11/22 ^ (b) * | 31,783 | ||||||
| 299,531 | ||||||||
| Ireland: 1.3% | ||||||||
| 224,000 | Eurotorg LLC via Bonitron DAC 144A 8.75%, 10/30/22 | 230,608 | ||||||
| Luxembourg: 4.1% | ||||||||
| 210,000 | CSN Resources SA Reg S 6.50%, 07/21/20 | 210,527 | ||||||
| 113,000 | Millicom International Cellular SA 144A 6.25%, 03/25/24 (c) | 115,239 | ||||||
| 203,000 | Puma International Financing SA Reg S 5.00%, 01/24/21 (c) | 176,757 | ||||||
| 248,000 | Topaz Marine SA 144A 9.13%, 07/26/19 (c) | 252,215 | ||||||
| 754,738 | ||||||||
| Malaysia: 0.9% | ||||||||
| MYR | 634,000 | Country Garden Real Estate Sdn Bhd 6.60%, 02/23/23 | 156,706 | |||||
| Mexico: 0.0% | ||||||||
| USD | 380,000 | Corp. GEO SAB de CV Reg S 9.25%, 04/29/19 (c) (d) * # ∞ | 0 | |||||
| Netherlands: 5.8% | ||||||||
| 238,000 | Listrindo Capital BV Reg S 4.95%, 09/14/21 (c) | 231,455 | ||||||
| 170,000 | Metinvest BV 144A 7.75%, 01/23/23 (c) | 166,790 | ||||||
| 669,000 | Petrobras Global Finance BV 6.90%, 03/19/49 | 663,247 | ||||||
| 1,061,492 | ||||||||
| Nigeria: 1.2% | ||||||||
| 217,000 | Seplat Petroleum Development Co. Plc 144A 9.25%, 04/01/20 (c) | 224,052 | ||||||
| Panama: 0.2% | ||||||||
| 41,000 | Avianca Holdings SA Reg S 8.38%, 04/29/19 (c) | 41,000 | ||||||
| Paraguay: 0.3% | ||||||||
| 57,000 | Telefónica Celular del Paraguay SA 144A 5.88%, 04/15/22 (c) | 57,000 | ||||||
| Singapore: 4.0% | ||||||||
| 230,777 | Eterna Capital Pte Ltd. 8.00% 04/29/19 (c) | 209,730 | ||||||
| 38,718 | Eterna Capital Pte Ltd. Reg S 6.00% 04/29/19 (c) | 37,806 | ||||||
| 267,000 | Geo Coal International Pte Ltd. Reg S 8.00%, 10/04/20 (c) | 246,635 | ||||||
| 249,000 | Indika Energy Capital III Pte Ltd. Reg S 5.88%, 11/09/21 (c) | 237,737 | ||||||
| 731,908 | ||||||||
| Ukraine: 0.5% | ||||||||
| 97,000 | Kernel Holding SA Reg S 8.75%, 01/31/22 | 99,506 | ||||||
| United Kingdom: 2.0% | ||||||||
| 193,831 | DTEK Finance Plc 10.75% 04/29/19 (c) | 194,219 | ||||||
| 160,000 | Tullow Oil Plc 144A 7.00%, 03/01/21 (c) | 161,512 | ||||||
| 355,731 | ||||||||
| United States: 1.2% | ||||||||
| 228,000 | Azul Investments LLP Reg S 5.88%, 10/26/21 (c) | 217,170 | ||||||
| Total
Corporate Bonds (Cost: $4,953,171) | 5,016,295 | |||||||
| FOREIGN GOVERNMENT OBLIGATIONS: 66.5% | ||||||||
| Argentina: 0.0% | ||||||||
| 499 | Provincia de Buenos Aires Reg S 4.00%, 05/15/35 (s) | 298 | ||||||
| Armenia: 1.0% | ||||||||
| 169,000 | Republic of Armenia 144A 7.15%, 03/26/25 | 188,114 | ||||||
| Azerbaijan: 1.0% | ||||||||
| 214,000 | Republic of Azerbaijan Reg S 3.50%, 09/01/32 | 188,197 | ||||||
| Belarus: 3.6% | ||||||||
| 290,000 | Republic of Belarus International Bond 144A 6.20%, 02/28/30 | 284,401 | ||||||
| 351,000 | Republic of Belarus International Bond Reg S 6.88%, 02/28/23 | 368,813 | ||||||
| 653,214 | ||||||||
| Brazil: 5.7% | ||||||||
| BRL | 337,000 | Brazil Notas do Tesouro Nacional, Series B 6.00%, 08/15/50 (a) | 341,271 | |||||
| Brazil Notas do Tesouro Nacional, Series F | ||||||||
| 1,303,000 | 10.00%, 01/01/27 | 353,411 | ||||||
| 1,267,000 | 10.00%, 01/01/29 (a) | 345,552 | ||||||
| 1,040,234 | ||||||||
| Colombia: 7.9% | ||||||||
| Colombian TES | ||||||||
| COP | 1,898,500,000 | 7.00%, 06/30/32 (a) | 607,720 | |||||
| 1,042,000,000 | 7.50%, 08/26/26 (a) | 353,531 | ||||||
| 1,051,900,000 | 7.75%, 09/18/30 (a) | 359,619 | ||||||
| USD | 111,000 | Republic of Colombia Government Bond 5.20%, 11/15/48 (c) | 119,580 | |||||
| 1,440,450 | ||||||||
| Costa Rica: 3.0% | ||||||||
| Costa Rica International Bonds Reg S | ||||||||
| 193,000 | 7.00%, 04/04/44 | 184,653 | ||||||
| 373,000 | 7.16%, 03/12/45 | 361,344 | ||||||
| 545,997 | ||||||||
| Czech Republic: 5.6% | ||||||||
| Czech Republic Government Bonds Reg S | ||||||||
| CZK | 13,050,000 | 0.45%, 10/25/23 | 535,227 | |||||
| 10,480,000 | 2.50%, 08/25/28 | 482,911 | ||||||
| 1,018,138 | ||||||||
| Dominican Republic: 1.0% | ||||||||
| DOP | 8,850,000 | Dominican Republic International Bond Reg S 8.90%, 02/15/23 | 174,798 | |||||
| El Salvador: 3.6% | ||||||||
| El Salvador Government International Bonds Reg S | ||||||||
| USD | 196,000 | 5.88%, 01/30/25 | 191,102 | |||||
| 466,000 | 7.38%, 12/01/19 | 471,538 | ||||||
| 662,640 | ||||||||
| Ghana: 3.2% | ||||||||
| Republic of Ghana Government Bonds 144A | ||||||||
| 190,000 | 8.63%, 06/16/49 | 185,849 | ||||||
| 396,000 | 8.95%, 03/26/51 | 397,934 | ||||||
| 583,783 | ||||||||
| Indonesia: 4.2% | ||||||||
| Indonesia Treasury Bonds | ||||||||
| IDR | 5,371,000,000 | 5.63%, 05/15/23 | 358,839 | |||||
| 5,694,000,000 | 8.13%, 05/15/24 | 417,457 | ||||||
| 776,296 | ||||||||
| Jordan: 2.1% | ||||||||
| USD | 189,000 | Jordan Government International Bond 144A 7.38%, 10/10/47 | 186,613 | |||||
| 200,000 | Jordan Government International Bond Reg S 7.38%, 10/10/47 | 197,474 | ||||||
| 384,087 | ||||||||
| Kenya: 1.0% | ||||||||
| 189,000 | Republic of Kenya Government Bond 144A 8.25%, 02/28/48 | 191,954 | ||||||
| Malaysia: 1.9% | ||||||||
| MYR | 1,395,000 | Malaysia Government Bond 3.73%, 06/15/28 | 339,596 | |||||
| Nigeria: 3.1% | ||||||||
| USD | 508,000 | Republic of Nigeria Government Bond 144A 9.25%, 01/21/49 | 564,676 | |||||
| Peru: 3.5% | ||||||||
| Peru Government Bonds Reg S 144A | ||||||||
| PEN | 840,000 | 5.94%, 02/12/29 | 266,855 | |||||
| 1,154,000 | 6.15%, 08/12/32 | 366,475 | ||||||
| 633,330 | ||||||||
| Poland: 2.2% | ||||||||
| PLN | 1,565,000 | Republic of Poland Government Bond 2.75%, 04/25/28 | 408,125 | |||||
| Singapore: 2.0% | ||||||||
| SGD | 496,000 | Singapore Government Bond 2.00%, 02/01/24 | 367,411 | |||||
| Suriname: 1.0% | ||||||||
| USD | 183,000 | Republic of Suriname International Bond Reg S 9.25%, 10/26/26 | 180,530 | |||||
| Thailand: 6.1% | ||||||||
| Thailand Government Bonds | ||||||||
| THB | 13,933,000 | 2.13%, 12/17/26 | 432,995 | |||||
| 3,414,000 | 2.40%, 12/17/23 | 109,147 | ||||||
| 4,400,000 | 2.88%, 12/17/28 | 143,919 | ||||||
| 12,469,000 | 3.78%, 06/25/32 | 438,579 | ||||||
| 1,124,640 | ||||||||
| Ukraine: 1.7% | ||||||||
| USD | 305,000 | Ukraine Government International Bond 144A 8.99%, 02/01/24 | 307,037 | |||||
| United Kingdom: 0.9% | ||||||||
| UAH | 5,100,000 | Ukreximbank Via Biz Finance Plc Reg S 16.50%, 03/02/21 | 172,486 | |||||
| Uzbekistan: 1.2% | ||||||||
| USD | 223,000 | Republic of Uzbekistan International Bond 144A 4.75%, 02/20/24 | 222,354 | |||||
| Total Foreign Government Obligations (Cost: $11,880,419) | 12,168,385 | |||||||
| Number of Shares | ||||||||
| COMMON STOCK: 0.0% (Cost: $0) | ||||||||
| 10,247 | Corp. GEO SAB de CV * # ∞ | 0 | ||||||
| MONEY MARKET FUND: 7.1% (Cost: $1,294,435) | ||||||||
| 1,294,435 | AIM Treasury Portfolio - Institutional Class | 1,294,435 | ||||||
| Total Investments: 101.0%
(Cost: $18,128,025) | 18,479,115 | |||||||
| Liabilities in excess of other assets: (1.0)% | (187,501 | ) | ||||||
| NET ASSETS: 100.0% | $ | 18,291,614 | ||||||
| Definitions: | |
| BRL | Brazilian Real |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DOP | Dominican Peso |
| IDR | Indonesian Rupiah |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Nuevo Sol |
| PLN | Polish Zloty |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| UAH | Ukrainian Hryvnia |
| USD | United States Dollar |
| Footnotes: | |
| (a) | All or a portion of these securities are segregated for foreign forward currency contracts. |
| (b) | Contingent Value Right |
| (c) | Callable Security - the redemption date shown is when the security may be redeemed by the issuer |
| (d) | Security in default of coupon payment |
| (s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
| ^ | Zero Coupon Bond |
| * | Non-income producing |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $0 which represents 0.0% of net assets. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $4,715,092, or 25.8% of net assets. |
Schedule of Open Forward Foreign Currency Contracts – March 31, 2019
| Counterparty | Currency to be sold | Currency to be purchased | Settlement Dates | Unrealized Appreciation (Depreciation) | ||||||||||||
| State Street Bank And Trust Company | USD | 641,691 | ZAR | 9,282,388 | 4/15/2019 | $ | 623 | |||||||||
| State Street Bank And Trust Company | USD | 740,918 | MXN | 14,265,263 | 4/15/2019 | (7,519 | ) | |||||||||
| State Street Bank And Trust Company | USD | 1,367,407 | EUR | 1,201,324 | 4/15/2019 | (18,334 | ) | |||||||||
| State Street Bank And Trust Company | ZAR | 9,282,388 | USD | 641,226 | 4/15/2019 | (1,088 | ) | |||||||||
| State Street Bank And Trust Company | EUR | 1,201,324 | USD | 1,361,617 | 4/15/2019 | 12,544 | ||||||||||
| State Street Bank And Trust Company | MXN | 14,265,263 | USD | 732,830 | 4/15/2019 | (569 | ) | |||||||||
| State Street Bank And Trust Company | TRY | 1,061,730 | USD | 183,402 | 4/25/2019 | (1,479 | ) | |||||||||
| State Street Bank And Trust Company | TRY | 1,039,258 | USD | 183,972 | 4/25/2019 | 3,005 | ||||||||||
| State Street Bank And Trust Company | TRY | 1,894,681 | USD | 324,905 | 4/25/2019 | (5,019 | ) | |||||||||
| State Street Bank And Trust Company | TRY | 1,871,288 | USD | 324,905 | 4/25/2019 | (945 | ) | |||||||||
| State Street Bank And Trust Company | EUR | 1,230,605 | USD | 1,392,448 | 4/26/2019 | 9,210 | ||||||||||
| Net unrealized depreciation on forward foreign currency contracts | $ | (9,571 | ) | |||||||||||||
| EUR | Euro |
| MXN | Mexican Peso |
| TRY | Turkish Lira |
| USD | United States Dollar |
| ZAR | South African Rand |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Basic Materials | 4.1 | % | $ | 758,919 | ||||
| Communications | 0.9 | 172,239 | ||||||
| Consumer, Cyclical | 4.4 | 819,844 | ||||||
| Energy | 10.5 | 1,945,741 | ||||||
| Financial | 3.2 | 598,145 | ||||||
| Government | 65.9 | 12,168,385 | ||||||
| Industrial | 2.7 | 489,952 | ||||||
| Utilities | 1.3 | 231,455 | ||||||
| Money Market Fund | 7.0 | 1,294,435 | ||||||
| 100.0 | % | $ | 18,479,115 | |||||